University of Pittsburgh’s Panther LabWorks, a consulting service for emerging technologies, has awarded prizes to student innovators with compelling business plans--like a DIY Chinese drywall test kit for homeowners. The Big Idea competition, sponsored by the
Institute for Entrepreneurial Excellence, announced three first place winners last week with cash prizes of $20,000.
“Our number of entries doubled from last year,” says program director Michael Lehman. “There’s an increasing awareness and engagement among students across the university.”
This year’s contest winners bear him out. They include a 21-year old undergraduate, a law school student, and a doctoral candidate in chemical engineering.
Twenty-one-year-old Micah Toll won in the Best Business Growth Idea category for his
Chinese Drywall Tester Kit, which tests for toxins found in imported building materials. He’s already selling the product online for $34.99, but says he will use his $5,000 prize to advertise the device more effectively.
Sam Rothstein took first place in the Best New Product Idea category for designing a more efficient method for timed-release medications. He is a Ph.D. candidate in chemical engineering. Rachel Sanchez won in the Best New Service Idea for her service called RightNote!, which employs trained students who take notes and come up with outlines for university courses. Sanchez is a Pitt law student with an undergrad degree from Cornell University.
The winning entrepreneurs get advice along with their awards. They will work directly with industry experts, entrepreneurs and professional business consultants at the Institute. "They all have business plans. Many of them have sales already. We’ll help on other issues--legal matters, intellectual property, or research and development,” says Lehman.
Source: Michael Lehman, University of PittsburghWriter: Chris O'Toole